Hyperverse Crypto Fraud Scheme Snares Australians, Regulators Reprimand Government

Australians are caught in the crypto scam Hyperverse. (Photo; Doc. Evening Insight)

JAKARTA - The Hyperverse crypto scam scheme that offers high profits in an unclear way has deceived many investors around the world, including in Australia. Australia's Deputy Minister of Finance, Stephen Jones, criticized state securities regulators, the Australian Securities and Investments Commission (ASIC), for not warning investors about the risk of investing in the scheme.

Jones said he would ask the reason the ASIC did not follow in regulatory steps in other countries, such as Britain, New Zealand, Canada, Germany, and Hungary, which have banned or warned about the Hyperverse crypto scheme. Jones revealed that many Australians have lost millions of US dollars (tens of billions of rupiah) due to being trapped in this scheme.

The Hyperverse crypto scheme, launched by HyperTech Group, was founded by two Australian crypto entrepreneurs, Sam Lee and Ryan Xu, who are also involved in the Global Blockchain default case. The scheme promises yields of up to 300% per year to investors who buy Hyperverse tokens with other cryptocurrencies.

On the other hand, this Hyperverse crypto scheme turns out to have no real products or services, and only relies on new investors' money to pay older investors. The scheme also does not have a license or license from any regulator, and has proven to be a pyramid scam scheme.

Media investigations also reveal that Hyperverse CEO Steven Reece Lewis is a fictitious figure who has no educational background and careers he claims. Two UK universities, namely the University of Leeds and the University of Cambridge, have denied that Lewis is their alumni.

Jones denounced the ASIC for not being proactive in protecting investors from fraud schemes like this. He stressed the importance of regulatory action to investigate and demand accountability for the perpetrators of this scheme.

"This kind of scheme works by convincing innocent people to invest their money in products that may not exist, with the only source of income coming from new investor money. I really don't know why the warning wasn't issued," Jones said.